HWHG(SH:600079) Soochow Securities·2025-04-30 08:03Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's core business shows stable growth, driven by both R&D and restructuring efforts [8] - In 2024, the company achieved total revenue of 25.435 billion yuan, a year-on-year increase of 3.71%, while the net profit attributable to shareholders was 1.330 billion yuan, a decrease of 37.70% [8] - The company is focusing on core products and accelerating R&D innovation, with over 500 projects in the pipeline, including more than 60 innovative drug projects [8] Financial Performance Summary - Total revenue forecast for 2024 is 25.435 billion yuan, with a projected growth rate of 3.71% [8] - The net profit attributable to shareholders is expected to be 1.330 billion yuan in 2024, with a significant decrease of 37.70% [8] - The earnings per share (EPS) for 2024 is projected at 0.81 yuan, with a P/E ratio of 25.56 [8] - The company’s R&D expenses for 2024 are estimated at 1.471 billion yuan, reflecting a slight increase of 0.59% [8] - The company’s core anesthetic business is expected to grow steadily, with net profit forecasts for 2025 and 2026 adjusted to 2.224 billion yuan and 2.653 billion yuan, respectively [8]